CURRENT AFFAIRS

Detailed explanation-1: -The RBI has directed these banks to eliminate such positions within one year.

Detailed explanation-2: -Shivalik Mercantile Co-operative Bank (SMCB) is the first Urban Co-operative bank that has received in-principal approval from RBI to become Small Finance Bank.

Detailed explanation-3: -The most prominent amongst the early credit societies was the Bombay Urban Co-operative Credit Society, sponsored by Vithaldas Thackersey and Lallubhai Samaldas established on January 23, 1906..

Detailed explanation-4: -Reserve Bank of India. The Urban Banks Department of the Reserve Bank of India is vested with the responsibility of regulating and supervising primary (urban) cooperative banks, which are popularly known as Urban Cooperative Banks (UCBs).